Using NFТs in Marketing

2022-06-17 by EPR Staff

According to one of the cofounders of the largest marketplace for non-fungible tokens, Alex Attallah, currently, there are more NFTs on Open Sea than there were websites on the Internet in 2010. Four added context, Open Sea, the largest marketplace for non-fungible tokens has over 250 million tokens that are currently searchable, and back in 2010, the Internet had about 200 million websites available on it. This has plenty of implications in terms of how businesses operate, as well as how they market themselves to their customers.

Examples

Recently, the senior vice president of growth for Together Labs, Lomit Patel, stated that he believed what NFTs are currently doing is similar to what social media platforms did a decade ago in the world, on his LinkedIn page. He elaborated that NFTs have started showing how companies can improve their brand awareness efforts and reach more audiences by using them. With many NFTs currently disrupting many industries, including marketing, it’s prompted many companies to figure out various innovative and engaging ways to incentivize their customers to engage with the brands. With the rise in popularity of NFTs, the world has started shifting toward a market-based society where most things are going to be priceable, ownable, as well as traceable. Currently, these digital assets are the fastest and simplest way for people to get to that point, which is why such a popular marketplace has been created around them. Additionally, since it’s the hottest new thing, there are plenty of ways that companies can use NFTs to generate more attention for themselves and their brands.

For example, the Norwegian Cruise Line recently decided to celebrate the launch of a brand new class of vessels, the Norwegian Prima Class. The celebration consisted of the company working with an artist that created six different NFT art pieces. Each one of those pieces was put up for auction, and all of the proceeds were donated to Teach for America, with the first digital asset starting at a price of $2500. In the press release, the company stated that the reason why it wanted to celebrate the new launch with these digital collectibles is because of the new and cutting edge technology, which is similar to the way that the company approaches its own products and services. With this strategy, the company managed to leverage the buzz that already surrounds the digital tokens to generate more attention for its own launch, effectively newsjacking stories in the media.